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New Delhi [India], July 12 (ANI): <keyword id="20043730" type="General" weightage="20" keywordseo="Jio-Financial-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Jio Financial Services" meta.hostid="261" meta.entityid="Jio Financial Services">Jio Financial Services</keyword> has received the nod from the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) to convert into a <keyword id="20871282" type="General" weightage="20" keywordseo="Core-Investment-Company" source="keywords">Core Investment Company</keyword> (CIC) from a Non-Banking Financial Company (<keyword id="19938496" type="General" weightage="20" keywordseo="NBFC" source="keywords">NBFC</keyword>). The company in an official statement on Thursday stated that "Further to the disclosure dated November 21, 2023, the Company has today received from the Reserve Bank of India approval for conversion of the Company from Non-Banking Financial Company to Core <keyword id="19895437" type="General" weightage="20" keywordseo="investment" source="keywords">Investment</keyword> Company." According to the Reserve Bank of India, a CIC is a specialised NBFC with an minimum asset size of Rs 100 crore. The RBI's circular dated December 20, 2016 stated that, a CIC's main business is the acquisition of shares and securities with certain conditions. One of the conditions stipulated by the central bank is that the CIC holds not less than 90 percent of its net assets in the form of investment in equity shares, preference shares, bonds, debentures, debt or loans in group companies. The transition from an NBFC to a CIC involves several key changes in the company's operational framework. As a Core Investment Company, <keyword id="2003276" type="General" weightage="20" keywordseo="Jio" source="Orion">Jio</keyword> Financial Services will primarily focus on investments in and the management of its subsidiaries companies. The transformation to a CIC structure would enable Jio Financial Services to delineate the financials and operations of each subsidiary, to provide better value discovery for investors. Unlike typical NBFCs, CICs are non-deposit taking financial companies that have their assets predominantly invested in the equity shares, preference shares, or debt instruments of their group companies. As a CIC, the company gains greater operational flexibility. It can now focus on core investment activities without engaging in other financial services. The CICs can explore different sectors and diversify their investment portfolio. This flexibility allows them to adapt to changing market conditions. The shares of the company also surged more than 1.5 per cent during the opening session on Friday, and stands at Rs 353.25 at the time of filing this report. (ANI)

Jio Financials gets RBI nod to become Core Investment Company

<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s <keyword id="23127366" type="General" weightage="20" keywordseo="consumption-loan" source="Orion">consumption loan</keyword> portfolio grew by 15.2% year-on-year (YoY) to Rs 90.3 lakh crore as of March 2024, according to the latest <keyword id="6354680" type="General" weightage="20" keywordseo="credit" source="Orion">credit</keyword> bureau report. The fourth edition of the CRIF High Mark report noted a slowdown from the 17.4% growth recorded in March 2023, largely due to a deceleration in the home <keyword id="6362287" type="General" weightage="100" keywordseo="loans" source="Orion">loans</keyword> segment, which accounts for 40.1% of the overall consumption loan portfolio by value. The home loans portfolio saw growth slowing down to 7.9 % YoY in FY24, from the 23 % expansion seen in FY23. This was mainly due to muted growth in "originations", which increased by 9.2 % in FY'24 compared to 18.2 % in the previous fiscal year. Origination refers to the process by which a lender creates or initiates a new loan or credit, including evaluating, processing, and approving a borrower's application. The report finds a shift toward higher <keyword id="6871589" type="General" weightage="20" keywordseo="ticket-size" source="Orion">ticket size</keyword>s, with a growing preference for loans above Rs 35 lakh, although the average ticket size (ATS) rose by 32% from Rs 20.1 lakh in FY20 to Rs 26.5 lakh in FY24. In contrast, the personal loans segment maintained strong momentum, growing by 26% YoY in FY24, despite recent regulatory reforms. Larger ticket loans of Rs 10 lakh and above increased their share in originations by value, while loans under Rs 1 lakh continued to dominate in volume. Banks led in value-based originations, whereas non-banking financial companies (NBFCs) remained dominant in volume. Two-wheeler loans experienced a 34% YoY growth in FY24, up from 30% in FY23, fueled by a shift to higher ticket-size loans. However, the overall volume of originations grew at a slower pace of 13% in FY24 compared to 32% in FY23. <keyword id="35527" type="General" weightage="20" keywordseo="auto-loans" source="Orion">Auto loans</keyword>, on the other hand, grew by 20% YoY in FY24, compared to 22% in FY23. Consumer durable loans posted a robust growth of 34% YoY in FY24, up from 26% expansion in the previous fiscal. This growth was driven by a shift to larger ticket sizes, although origination volumes grew by only 8.5% in FY24, compared to 38.2% in FY23. The MSME lending segment displayed mixed results, with individual MSME loans growing faster than entity MSMEs. The individual MSME portfolio increased by 29% YoY in FY24, accelerating from 15% in FY23, while entity MSME loans grew by just 6.6 % YoY, a sharp slowdown from 17.2 % in the previous year. Microfinance lending also saw strong growth, with the portfolio rising by 27% YoY in FY24, compared to 21% in FY23. "The resilience of the Indian credit market is evident in the strong performance across various lending categories and the stability in delinquencies. Home loans remain dominant, but the growth in personal loans, two-wheeler loans, and the rebound of NBFCs highlight significant shifts in the lending landscape," CRIF High Mark MD Sanjeet Dawar said.

Consumption loan portfolio expands 15% to Rs 90 lakh crore in FY24, notes CRIF report

New Delhi, Non-Banking Financial Company (NBFC) <keyword id="3504742" type="General" weightage="20" keywordseo="IIFL-finance" source="Orion">IIFL Finance</keyword> has become the second largest gold loan provider surpassing Manappuram Finance. "The gold loan portfolio has crossed Rs 23,690 crore assets under management (AUM), surpassing Manappuram Finance at Rs 20,809 crore worth of gold loan AUM. "This has cemented <keyword id="82050" type="General" weightage="20" keywordseo="IIFL" source="Orion">IIFL</keyword> Finance's position as the second largest gold loan provider in India in terms of AUM," IIFL Finance head of Gold Loan Business Saurabh Kumar, said. The market leader in gold loans is Muthoot Finance with an AUM of Rs 66,089 crore, as of September 2023. Kumar said, "the company has about 18.6 lakh customers and over 70 per cent of our customers are repeat customers helped by customer centric approaches like repayment grace period, no foreclosure charges, transparency in dealings and proactive customer need identification." The company expects a 25-27 per cent increase in gold loan in FY'24, he said. IIFL Finances provides gold loans through 1,486 towns and rural areas across 25 states and 4 Union Territories to salaried, self-employed and Micro, Small and Medium Enterprises (MSME) customer segments. Besides, gold loan, IIFL Finance offers affordable home loan, microfinance loans and business loans and has a consolidated AUM of Rs 73,066 crore.

IIFL Finance emerges as second largest gold loan NBFC

The <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) has imposed <keyword id="512003" type="General" weightage="20" keywordseo="penalties" source="Orion">penalties</keyword> to the tune of Rs 40.39 crore on banks, non-banking financial companies (NBFCs) and other entities for breach of norms during 2022-23, Minister of State for Finance Bhagwat Karad said in a written reply to the Lok Sabha on Monday. As many as 176 of these cases involving fines of Rs 14.04 crore pertained to <keyword id="6554737" type="General" weightage="20" keywordseo="cooperative-banks" source="Orion">cooperative banks</keyword>. <keyword id="141219" type="General" weightage="20" keywordseo="private-sector-banks" source="Orion">Private sector banks</keyword> were fined Rs 12.17 crore while public sector banks (PSBs) were levied penalties of Rs 3.65 crore, foreign banks Rs 4.65 crore, and NBFCs ended paying up Rs 4.39 crore. "RBI has informed that it is mandated to take enforcement action as per Enforcement Policy and Framework approved by the Board for Financial Supervision of RBI, in the form of imposition of monetary penalty on regulated entities for contraventions of different statutes and directions," the Minister stated. The RBI issued guidelines on fair practices code to be adopted by banks, NBFCs, and HFCs and these covered various aspects of lending, he added.

RBI penalties on banks, NBFCs add up to Rs 40.39 crore for 2022-23

<ul><li>Google is looking to tap into its <keyword id="2750705" type="General" weightage="100" keywordseo="google-pay" source="Orion">Google Pay</keyword> user base to enter the lending segment.</li><li>Google has partnered with banks and NBFCs to offer credit to merchants and consumers.</li><li>Google Pay handles over 30% of the total UPI transactions in the country.</li></ul> Search giant Google has made several major announcements for India at their annual Google for India event including its entry into the lending business, AI-powered initiatives and more. While the company has made several announcements for its different applications and services such as Search, <keyword id="691847" type="General" weightage="20" keywordseo="google-cloud" source="Orion">Google Cloud</keyword> and more, its announcements related to Google Pay were a key highlight of the event. Google is now entering the lucrative lending business in India, along with local partners. This is aimed at both small merchants and regular users. It is noteworthy that Google Pay enjoys a huge market share in India, handling over 30% of the total UPI transactions in the country. “Just like UPI revolutionised digital payments, digitising credit – with consent and privacy safeguards – can provide ways of expanding the reach of formal credit. And the lower transaction cost of digital credit delivery can enable smaller minimum ticket loan sizes, making it more suitable and approachable for more borrowers,” Google said in a post. <cmsannotation type="cmsannotation" annotationid="Credit for merchants" comment="subhead" text="Credit for merchants">Credit for merchants</cmsannotation> Google has announced several credit facilities for merchants, aimed at offering improved access to credit. For this, the company has partnered with banks and NBFCs. <cmsannotation type="cmsannotation" annotationid="Merchant credit line" comment="subhead2" text="Merchant credit line">Merchant credit line</cmsannotation> To help merchants get quicker access to a credit line for their working capital requirements, Google has announced a merchant credit line in partnership with ePayLater. This will be available to merchants, both online and offline, for the purchase of stock and supplies. <cmsannotation type="cmsannotation" annotationid="Sachet loans" comment="subhead2" text="Sachet loans">Sachet loans</cmsannotation> Merchants looking for a smaller credit can instead opt for sachet loans, which is being offered in partnership with DMI finance. The sachet loans start as low as ₹15,000, with repayment options starting at ₹111. <cmsannotation type="cmsannotation" annotationid="Merchant loans" comment="subhead2" text="Merchant loans">Merchant loans</cmsannotation> Google has also partnered with ICICI Bank and Indifi to offer seamless merchant loans and repeat loans. <cmsannotation type="cmsannotation" annotationid="Credit for consumers" comment="subhead" text="Credit for consumers">Credit for consumers</cmsannotation> It’s not just merchants, Google is also entering the consumer lending segment. <cmsannotation type="cmsannotation" annotationid="Personal loans on Google Pay" comment="subhead2" text="Personal loans on Google Pay">Personal loans on Google Pay</cmsannotation> Google has partnered with Axis Bank to offer personal loans to customers on the Google Pay app. Google Pay is already offering personal loans through the app in partnership with DMI Finance and is expected to soon onboard more partners. <cmsannotation type="cmsannotation" annotationid="Credit on UPI" comment="subhead2" text="Credit on UPI">Credit on UPI</cmsannotation> Google has partnered with ICICI Bank to offer Credit on UPI. What this essentially means is that customers will soon be able to avail credit lines from banks on UPI and use this credit line to make payments via the Google Pay app. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-foldable-launched-in-india-as-an-affordable-alternative-to-samsung-galaxy-z-fold-5/articleshow/104560947.cms">OnePlus Open foldable launched in India as an 'affordable' alternative to Samsung Galaxy Z Fold 5</a> <a href="https://www.businessinsider.in/tech/mobile/news/best-mobile-phone-under-30000-in-india-in-festival-season-2023/slidelist/104551645.cms">Best smartphones under ₹30,000 in India – the perfect mid-range options for you</a> <a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-decline-for-the-ninth-consecutive-quarter-expected-to-bounce-back-in-festive-season/articleshow/104487576.cms">Smartphone makers should be a worried lot as global shipments decline to a decade low</a>

Google for India – Sachet loans to credit on UPI, tech giant bets on lending

The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword>) on Thursday has directed all the credit information companies to appoint an internal ombudsman by April 1, 2023. The RBI, in its Statement of Developmental and Regulatory Policies, on August 5, 2022 had called for bringing credit information companies under the internal ombudsman framework to strengthen and improve the efficiency of the internal grievance redressal mechanisms. According to the central bank, the internal ombudsman shall be either a retired or a serving officer, not below the rank of deputy general manager or equivalent in any financial sector regulatory body, credit information companies, a non-banking financial company (<keyword id="6355260" type="General" weightage="20" keywordseo="nbfc" source="Orion">NBFC</keyword>) or bank, with necessary skills and experience of at least seven years in banking, non-banking finance, financial sector regulation or supervision, credit information, or consumer protection. The appointment will be for a fixed term of not less than three years, but not exceeding five years. The internal ombudsman cannot be removed before the completion of the contracted term without the RBI's explicit approval. In case the vacancy arises on account of reasons beyond control, the credit information company shall appoint a new internal ombudsman, within three months from the date of the vacancy arising. The RBI also said that the scope of the internal audit of credit information companies shall exclude any assessment of the correctness of decisions taken by the internal ombudsman. The internal ombudsman shall report to the Managing Director or Chief Executive Officer administratively, and to the Board functionally.

RBI directs credit information companies to appoint internal ombudsman

The asset base of non-banking financial companies has scaled past Rs 54 lakh crore as of March 2022, constituting almost a quarter of the balance sheet of the commercial banking sector, Union Minister <keyword id="15586957" type="General" weightage="80" keywordseo="bhagwat-krishanrao-karad" source="Orion">Bhagwat Krishanrao Karad</keyword> said on Tuesday. It can be noted that since the fall of the two major non-banking financial companies (NBFCs) -- IL&amp;FS and Dewan Housing <keyword id="25455" type="General" weightage="100" keywordseo="finance" source="Orion">Finance</keyword> Ltd (DHFL) -- the shadow banking industry was in a long crisis. This crisis was more to do with their ability to mop up lendable funds as banks shunned them on one side and the RBI kept on tightening the regulatory noose around them, finally bringing them on par with banks when it comes to bad loan recognition since November 2021. Addressing a CII-organised <keyword id="6355260" type="General" weightage="80" keywordseo="nbfc" source="Orion">NBFC</keyword> summit, the Union Minister of State for Finance said NBFCs have become the major growth driver of the economy by playing a vital role in providing credit to small and medium enterprises. They have helped the MSME sector scale up its operations and create more jobs. They have helped create higher credit growth than the commercial banking sector --NBFCs loans grew over 10 per cent last fiscal while for banks, it was just half of that. The main reason for their success is that they have customised products and become an innovation machine of the financial landscape, Karad said. He also credited digitisation and customer service for their success, which has seen their balance-sheet size more than double to 25 per cent of the balance sheet size of the banking sector as of March 2022 from just 12 per cent in fiscal 2010. NBFCs are investing in digital technology like artificial intelligence and big data. It will also bridge the financial gap in the coming years due to its low cost of operations, the minister said, adding NBFCs have become a strong alternative to the banking sector. CII's NBFC forum chairman <keyword id="806982" type="General" weightage="80" keywordseo="abhimanyu-munjal" source="Orion">Abhimanyu Munjal</keyword>, who also heads <keyword id="1391131" type="General" weightage="80" keywordseo="hero-fincorp" source="Orion">Hero Fincorp</keyword>, said NBFCs disbursed almost 60 per cent of their loans digitally in FY22 and have also achieved real-time customer onboarding. He said around 11.3 million MSMEs have taken collateral-free loans worth Rs 2.32 lakh crore from NBFCs till June 2022. The credit demand in the NBFC sector is expected to grow to almost Rs 30 lakh crore in the next couple of years. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fpis-pour-11452-crore-in-financial-services-in-the-first-half-of-november/articleshow/95681904.cms">FPIs pour ₹11,452 crore in financial services in the first half of November</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/airtel-payments-bank-rolls-out-e-kyc-based-face-authentication-for-opening-saving-accounts/articleshow/95683429.cms">Airtel Payments Bank rolls out e-KYC-based face authentication for opening saving accounts</a>

NBFCs' asset base scales past Rs 54 lakh crore: MoS Finance

New Delhi, The Central government will infuse equity of ₹6,000 crore into the <keyword id="2354056" type="ORGANIZATION" weightage="20" keywordseo="national-investment">National Investment</keyword> and Infrastructure Fund (NIIF) Debt Platform, subject to certain conditions, <keyword id="3466084" type="COMPANY" weightage="20" keywordseo="the-union-cabinet">the Union Cabinet</keyword> decided on Wednesday. The platform comprises of Aseem Infrastructure Finance Ltd (AIFL) and NIIF Infrastructure Finance Ltd (NIIF-IFL). On November 12, Union Finance Minister Nirmala Sitharaman had proposed the move under the twelve key measures made by as part of the government's stimulus to the economy, under 'AatmaNirbhar Bharat 3.0'. According to an official communique, the infusion will take place subject to certain conditions. "That only ₹2,000 crore would be allocated during the current year 2020-21. However, in view of the unprecedented financial situation and availability of limited fiscal space due to the prevailing Covid-19, the proposed amount may be disbursed only if there is readiness and demand for debt raising," it said. "NIIF will take all necessary steps to use the equity investments from domestic and global pension funds and sovereign wealth funds expeditiously." The ₹ 6,000 crore will be invested as equity in the 'NIIF Debt Platform' over two financial years, 2020-21 and 2021-22. The 'Debt Platform' comprising an '<keyword id="10331887" type="COMPANY" weightage="20" keywordseo="nbfc-infra-debt-fund">NBFC Infra Debt Fund</keyword>' and an '<keyword id="10331888" type="COMPANY" weightage="20" keywordseo="nbfc-infra-finance-company">NBFC Infra Finance Company</keyword>' was set up by <keyword id="10331886" type="COMPANY" weightage="20" keywordseo="niif-strategic-opportunities-fund">NIIF Strategic Opportunities Fund</keyword>. The NIIF, through its SOF, owns a majority position in both the companies and has already invested ₹1,899 crore across the platform. The current proposal sought the government's direct investment to further scale the potential and impact of the two entities in the infrastructure debt financing space. "This will also support the efforts of the platform to raise international equity. With the fresh infusion of equity by the government, besides the equity already infused by NIIF SOF and potential equity participation from the private sector, the debt platform is expected to raise enough resources to extend debt support of ₹1,10,000 crore to projects by 2025," the communique said. As per the 'National Infrastructure Platform', investment in infrastructure sector is targeted at ₹111 lakh crore over the next 5 years across various sub-sectors, creating substantial need for debt financing.

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Jio Financials gets RBI nod to become Core Investment Company

ANI

Consumption loan portfolio expands 15% to Rs 90 lakh crore in FY24, notes CRIF report

PTI

IIFL Finance emerges as second largest gold loan NBFC

PTI

RBI penalties on banks, NBFCs add up to Rs 40.39 crore for 2022-23

IANS

Google for India – Sachet loans to credit on UPI, tech giant bets on lending

Sourabh Jain

RBI directs credit information companies to appoint internal ombudsman

IANS

NBFCs' asset base scales past Rs 54 lakh crore: MoS Finance

PTI

Government approves equity infusion of ₹6,000 crore in NIIF debt platform over two years

IANS

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